With leasing activity dropping off sharply in March, Manhattan’s office market saw a quarterly drop of nearly 50%, according to Colliers International’s latest quarterly report. At 6.82 million square feet, leasing in the first quarter was also lower by 24.8% year-over-year.

March leasing volume totaled 1.16 million square feet, compared to 3.56 million square feet in January and 2.1 million square feet in February. The result was Manhattan’s lowest quarter of leasing since Q3 of 2013.

“Overall leasing volume decreased across Manhattan and we will continue to monitor the impact of COVID-19 on the market as we enter the second quarter,” said Franklin Wallach, senior managing director, Colliers International New York research. “However, the New York City office market has been tested numerous times over hundreds of years through wars, diseases, natural disasters, recessions and terrorist attacks. Each time, the New York City market comes back stronger.”